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France In Crisis By FRANK H. SIMONDS Copyright, 1024 by Met lure NruMpaper Syndicate Paris. April 5?Never in the var I Sous times 1 have come to Paris I during anil since the war has the I political situation seemed more ob I scure and less easy to grasp. I Actually France is in the presence I I of three acute crises any one of j which would of itself be sufficient to j I concentrate national interest and I I effort. These three crisis are. 1 I quite obviously, that of the ex- I I change, which is financial, that of | I domestic politics, which is due to the! I approach of a general election, and. I I finally, that of International affairs. I which must come even more strongly I into the light when the Dawes Com- I mission reports. In some ways the exchange dlffi-1 I culties are the most serious for peo-1 1 pie in their direct consequences. The I I tremendous fluctuations of the I I franc in the first and second weeks I I of March -brought a sense of insecur-il I ity and of apprehension which re- I I called some of the wost day* of the I war. Literally no one knew whether I I he stood, whether it was the I smallest purchaser of the necessary I I food supplies or the largest exporter I or Importer. Moreover, bad as was I I the fall of the franc, it was in a I j sense less serious than the remarka- I ble rises and falls which kept every- I I thing in uncertainty. There was nothing which one I | could quite call a panic but there I I were many evidences, many signs I that go with actual panics. Thusil all of a sudden the dealers in pre- 1 clous stones found a business hlth- I 1 erto undreamed of. People of every I sort began suddenly to invest all |l they could collect in diamonds and pearls. This of course is a wholly I familiar phenomenon, which was noted both in Russia and in Ger many when the crashes in currency IJ came. Other curious and less simple'I circumstances were noted, practl- I cally all the reserve wine supply in France was suddenly bought up by the Germans, who paid largely in cash but partly in paper. Obviously these Germans had no thought of I removing the wine from France. No, they were simply planning to sell it I back presentely at an enormous profit. In dry goods stores such odd areas of speculation as silk stock- II ings were noted. Some of the most famous brands of silk stockings on the market suddenly disappeared, J the whole output of the factories having been bought up by for- I elgners. France Blames Germany The mass of the Frenchmen be lieved that the whole exchange epi sode was no nVOre and no less than a carefully and deliberately organ- I Ized plan of the Germans to weaken France economically In the presence of the approaching election and thus Insure the defeat of M. Poin-J care. Of course this theory found far less Bupport in Informed circles, j I although there was common agree ment that much of the speculation was traceable to Holland. Germany and Switzerland, with the suspicion that much charged to the two smaller nations was really German in disguise. Taught by the press and the| I leaders that the whole exchange; matter was In reality a new attack upon France, a new Verdun, as the press dally announced, the mass of the French people stood firm. There was little to suggest popular excitement, although at all the lun cheons, dinners and reunions of men and women In public life the, debate was animated and keen.! Once more there was thus disclosed the marvelouBly patient strength of the bulk of the people of this coun- I try, their capacity to endure and to endure without complaint. In a previous dispatch I said that, despite all its financial troubles. France Is prosperous. This Is true,! I think, speaking as a whole, but as I stay here longer and meet more people I am learning with Increas ing regularity of the actual suffer ing which exists. The old Inevita ble weakening of the liberal classes Is taking place. The teachers, the professors. the so-called Intellec tuals of all sorts, everyone who lives on a fixed salary and the peo ple who had before the war lived respectably and even with a degree of dignity upon small Income from Investments are actually broun'i to the edge of starvation. This Is what happened In Germany, In Rus sia and made and continues to make comment In the world, but It also Is happening In France and seems to itiafte little comment. Vast sums are being made by spe culators, by profiteers, the fall of the franc Is bringing hordes of foreigners. Including an incredible number of Amer;cfcns. Paris. th> hotels, the shops, thd streets are thronged, animated. The restaurants give the Impression of great pros perity, although fewer and fewer Frenchmen can afford to eat In them. But under the surface of a boom that seems a little feverish, there is a growing sense of uneasl ness, of malaise. People are suffer ing In larger numbers and growing more and more anxious. Lurk of (Tonfkleiire Reel Rmmm So much for the exchange crisis to be charged, after all not to anv foreign manipulation mainly. hut rather to the fact that as a result of treaavry difficulties and domestic I political combats a considerable element In the French population suddenly was seised with a fear thst French money might go like Oer man and rushed to Invest In for- I sign monies or solid wealth. Con fidence was shsken snd with the loss of confidence the flight froi" the franc began. Tet you must see thst there was,1 I at the moment, little real resem-! blsnce between the French situation , on one hand and that of Germany Iand Russia on the other. France was not engaged in a huge inflation operation. On the contrary it has printed next to no money in a long period of time. The development of its export trade had been phenom inal in the last year and while there was still a slight excess of imports, it was far more than counter balanced by the relatively huge! sums spent by the tourists in | France. Only the French budget re mained unbalanced but even here in | the very first days of the exchange trouble the Krencsi Government had I undertaken drastic measures to I I bring in revenue and finally arrive at an equilibrium between expendi tures and revenue. There was then no single out It standing fact which could explain '[] I the whole exchange situation, that'| is m> economical or financial fact. ( [French production and exports were|] | above the prewar figures. Uuem Iployment did not exist. Hundreds'! Iof millions of dollars were flowing I In annually as a result of the tour ling trade, there had been a very' Igood crop in the preceeding autumn. IL ?And yet of a sudden, there arrived II a situation which lacked little?Just |a little?of developing Into a panic. I Now if one undertakes to explain ?this, that Is save in terms of nil ?economic expert, it seems to me one |miiHt analyze the facts which also explain the second of the crises which I have noted, namely the political. In May a new Chamber L of Deputies will be elected and this election will decide not ulone the ?name of the next cabinet but th?'|| character of the next Chamber. | Vlll it be conservative or radical? Nationalist or pacifist? Domestic Policy Unpopular Oddly enough you have the odd and to the foreigner confusing fact I hat it is not Poincare's foreign pol icy which has brought him to the. dge of defeat, nothing of the sort.' he reason he has Just managed to survive up to the present moment I am writing lies in the fact that on the whole the country is not ready | to risk the effect upon foreign rela-1 ^tlons of getting rid of a man whose | domestic politics and methods are; desperately unpopular and would In nny ordinary state of affairs Insure his overthrow instantly. Poincare's foreign policy then, ft ill holds the support of the rrench people, but again there is a olnt of confusion in this. That policy which the French people ascribe to Poincare Is not at all the policy which Is charged to him [either In London or In Washington, at least among unfriendly critics. If the mass of Frenchmen still endorse! the occupation of the Ruhr It is not ?perhaps it never was?with any. Idea of permanent occupation, much j less of wrecking Germany. If Poincare cannot ultimately sell' the occupation of the Ruhr, that is I if he cannot finally demonstrate | that the occupation was a necessary; step in the long series to bring Ger many to terms, his foreign policy! will be rejected; for nothing neems to me more certain today than' that in their present temper, there Is nothing in the smallest degree militaristic or imperialistic about; the French people. Frenchmen still* believe that if the Ruhr had not been occupied Germany would havei paid nothing, but they look upon! that occupation as a seizure ,of goods' to be released when payment is made. In point of fact, and I state the thing for what it is worth. I have heard here a surprising amount of talk about the need of a Franco German co-operation and none: about the need of keeping Germany! weak or of preventing a new war by elaborate and conceivably war pro voking measures. France does notl desire more trouble, she Is dog tired, of all debates, discussions and con ferences, disillusioned, bitterly dis illusioned both in the matter of money and security, about as little in the temper of imperialism, as a miner Is in the condition for a fight after twelve hours under-] ground at work. Where Poincare's Strength Lies Now the Frenchman thinks of Poincare as a lawyer and not a new or near Near Napoleon. He still thinks that in the handling of the French case Poincare has proved the best counsel so far. despite many grave mistakes, but always conced ing this, he is quite anxious to have M. Poincare produce results and wjll not continue his confidence indefi nitely. If Poincare lasts until the election, if he lasts nfter the elec tion, it will be because there Is a feeling that It would he unwise to change horses at the river; that is that with the expert commission about to report and a programme of settlement to be presented. France would be badly handlcappnd If she Indulged In a domestic political re volution. But Poincare must have a solu tion, thet is the price of power for him. He cannot, even If he would, wage war upon the report of the Dawes Commission; he must rather adopt It nnd claim that its achieve ment Is his own since he was re sponsible for Its appointment. He must, moreover, get for It the unan imous endorsement of the repara tions commission. His play, his obvious play. must be. more over. to manage things no that the report of the Dawes commission is In the hands of the Reparations Commission at the moment of elec tion. Then he can ask a new man date to finish what has already been brought far toward success, namely a settlement. Beyond lies the vista of a real In ternational conference preceded by a personal meeting between Afac Donsld and Poincare. Rut again It must be appreciated that we are no longer In the period when Pon-' care could flout Lloyd George. I Bonar Law or Stanley Baldwin. France la In no mood for a great game of Isolationist politics. She It really, in my Judgment. In no state of mind favorable to playing a great role in the world at the ex-| pense of her home peace. France. I as I see her at the moment. Is des perately sick of the responsibilities of the great power same and not in the least willing to keep that form of show up beyond the minimum of necessity. MacD'tnaiiM anil France MacDonald. roming Into power In Britain has not only exercised a pro found Influence upon British opinion, but he has similarly affect ed French. The French do not want trouble with Britain, they look with incrediillly upon the British nnprehonslon growing out of French air craft. The desire for peace In France la at least as Imnreaalve as it is in England. And M. Poincare Will be expected to get on with Mac Donald because MacDonald haa suc ceeded In getting French confidence' ?t the precise moment when thel deslre~Jor a real understanding with Great Britain is perhaps the doml-; nant Impulse In the French mind. I do not think any decisive num ber of Frenchmen really believe an I understanding with Germany Is possible, but moat Frenchmen feel sure that If there Is an understand ing with Britain. Germany will nay i ?will behave, that now at last there Is a chance of settlement?of peace Criticism. recrimination, bitterness with respect to Br|taln I do not encounter, t-Quite frankly I must say I heard France far more severely censured In London than I have heard Britain criticised In Paris. In a word It Is not a moniont of Inflated nationalism, or of International rivalries. It Is a period of Intense weariness, almost pathetic longing for any settlement thet might even promise a period of calm. Thus, when a new International' conference comes, as It must come1 In the summer or early autumn at1 the latest?all Europe accepts this' and asks eagerly If America will be' there. France will not be found I seeking to establish Rhlneland re-! publics, nor Insisting upon economic' control of the Ruhr. The outside! of what she may demand with re spect to the Ruhr Is the provisional maintenance of a few troops In har-( racks, as the Germans occupied the! eastern cities of France after the \ war of 1870 as a guarantee of French payment of the war Indem nities. You may believe as manv do that France set out for the Ruhr with Ihe intention of ruining Germany, of seizing this wealthy area and of upsetting first the economic and 'hen the political unity of Germany. Personally I do not believe this, but In any event the fact is that the chance of such a policy's command ing or retaining French support has disappeared. Whether M. Poincare did or did not wink at the separa tist movements in the Rhlneland France, the country and the people, no longer take any sech things se riously. There will be no trouble raised In the next conference be cause of French endorsement of of such projects. Just ns there will he no objection to the restoration of the Ruhr to the German economic system as a result of the' recommendations of the Dawes Commission. France Ih War Weary One's personal opinion after all counts for relatively little, but in recent weeks I have seen a very great number of Frenchmen of every class and condition and not only has the desire for settlement, for peace, for International good un derstanding been strikingly present In their comments, but taken in the aggregate they suggest, at least to me. that thn post-war mentality of France, like that of Great Bri tain. has been enormously modified in recent months. perhaps In the time which has followed the occupation of the Ruhr. If there were any conceivable method under the sun by which the single enduring difficulty of the French, the inatter of security, could he dealt with, even for an appreciable time. the solution of the rest of the disputed matters J would he of little real difficulty I There and there alone the French mind, as 1 see It, remains tin-l changed. It does not matter who! Is Prime Minister. what stripe of party politics he wears, he must In 'he nature of things Insist up some form of guarantee of French ; security. | France will Insist upon a demil itarised Rhine frontier, she will seek some International guarantee of It. Whether In the end she will accept the pet dream of the new nrltlsh Prime Minister, a guarantee through the League of Nations re mains open to question, although some such scheme might awaken less contemptuous resistance In France today than Ave yenrs ago. But th" real pacification of Furope. after all. must depend upon the success of Mr. MacDonald In meet ing not the extreme but the mini mum requirements on the head of security, nnd for franco security mems some form of understanding with Great Rrltaln. As far aa Germany Is concerned, the French e\pect nothing which Is not the result of Allied unltv and common coercion. coercion which nav not have to go beyond words. If unity Is preserved Thev hope end believe that the fact that the ?.iwe? report will show Germany has great capacity for payment will serve as a vindication of France be fore the world for her contention nnd action In the past. They hop? rnd h"l|i've that the Dawes Commis sion r?port will give an economic J" tlfical'on for French claims which hitherto have had moral and legal wnrrnn*. Franco Await* Vindication Above all the French people hope that when iin International ftfon has found that Germany can pay largely, suspicion of French pur-' pose in demanding payment will dis-; appear and the world will accept the French statement that Prance seeks only reparations due her for her dev astated areas and. once these repa rations are forthcoming will aban don all military interference with j Germany. In sum. what I am trying to make clear is that the present French | temper is one of rather striking re straint and reasonableness. You | feel after having talked with Mr. ; McDonald and his associates in Lon- | | don and with M. Poincare's asso , ciates here?I have not yet seen M. | Poincare personally, although he j has promised to receive me pre ? sently?that on both sides of the i Channel the moods are such that at j the very least the prospects of | agreement in some later conference jare better than they have been at any moment since the Armistice.; High placed officials in both coun-j , tries have said this to me in almost {identical words. The impression of a. universal desire for a real settlement lis just as unmistakable along the j Seine as on the banks of the11 Thames. If there 1b not a new men-; tality now. there Is at least a new; temper. What might happen if the mo ment were lost, as other good moments have been lost in the past,! no one can forecast, although not a' few have said to me that it would H mean the ruin of Europe. It is; well to remember that up to the: present moment nothing has been | settled. All the real obstacles re-' main. Solution in .the sense of a | final, permanent adjustment Is. be yond much doubt, an irredescent | dream, %'e are very far from the mood of five years ago when Mr. I Wilson came to Paris and the world J talked about a new era. There is not. let us concede quite frankly.' any re-echo of that idealism which : was abroad everywhere at the moment when the Paris Peace Con- j ference opened. But, by contrast there is Intense j weariness, a real and I think a 1 universal hunger for peace, outside || of Germany, perhaps there. I cannot say. Even victory has lost most of if not all of its passing Impetus to age long aspirations and ambitions. I Today in the little of Europe in J which I have lingered you have far more the sense that most If not all : of the Inhabitants of these coun tries are thinking in terms of their own narrow but vital and difficult problems rather than in terms of great periods In national history or brilliant futures painted by imagina tive patriots. Victory Was Utc The war died that way even be-' fore It came to victory. The great | young gallant moments of 1914 and j 1915 for France and of 1916 for the i British presently dipped down into j grinding hopeless aganles of 1917 and the first half of 1918, to revive a little with the coming of victory. ! So, in a sense the larger moments of! peace, which were much briefer j than those of war, disappeared and' what remains are millions of men ; and women who are weary, dis-, lllusloned, caught in the narrow! grinding routine of life made almost intolerable Ijy physical circum-| stances. Peace In peace has be come as irsinent a demand now as peace, even in war, was becoming when at last victory came to our cause. I have strayed away from a dis cussion of definite crises in France, because, after all, it is not in pol itics, It is not really In finance that the situation in Paris today is most Impressive. What strikes you is that In the present state of mind statesmen or politicians could not lead the masses very far, by blow ing up the dying coals of the war time flames. France may not be too tired to fight. I do not believe any nation is quite ever that, but France is so deathly tired of fight ing and the talk of fighting, that her statesmen must preserve utmost caution in their international deal ing to survive national feelings. France still believes Poincare is the best man to bring a settlement. But that Is the sole reason he has lasted so long and may last a little longer before he faces (he final test of success or failure in settlement. But if France believed he was mili tarist. expansionist, annexlonlst, I do not think he would survive an hour, for France is none of these things at this hour, whatever she has been in th past. Only the German, misreading this mood, seeking to achieve a final vic tory. resuming his effort to evade* reparations altogether and at the same time menace France security, might and may destroy the present prospects, which, to sum up. are the most favorable for a settlement I have yet seen on my several Journeys to Europe since the close of th** war Itself. CALL 698 For anything yon want to oat. Rye Flour, 3 lb. bags, Gluten Flour, 3 lb. Bags. Sanitarium Diabetic Bran (Ready to S? rv. > II. L. GARRETT MINTS We have Jimt received an other shipment of nice fre?l? mint* which are rerjr desir able for parties, church ao rtal?, etc. We nell them In one pound and nix pound cann an well an In balk. M. P. GALLOP CO. Phones 3 and 57 ARE YOU USING OUR REPAIR OEPT.? IF NOT, YOU ARE NOT AVAILING * YOURSELF OF A REAL SERVICE. H. C. Bright Co. N Statement XariaCTnwtt Mutual Fire Insurance Company, Providence, R. I. Condition December 31, 1923, as Shown by Statement filed. Amount of Ledger Asset* Dec. 31st of previous year $ 256,267.52 Income?From Policyholders, $229,476; Miscellaneous, $17,999.88; Total 247,475.88. Disbursements?To Policyholders, $9,111.23; Miscellan eous. $175,052.94; Total __ 184,164.17 Fire Risks?Written or renewed during year, $31,995,140; In force 38,556,867.00 Assets Value of Bonds and Stocks , $254,441.06 Deposited in Trust Companies and Banks on interest ~ 48,479.55 Agents' balances, r? presenting business written subsequent to October 1, 1923 16,584.37 Agents' balances, representing business written prior to Octo ber 1, 1923 74.25 Interest and Rents due and accrued 3,005:84 All other Assets, as detailed in statement 7,646.94 Total $330,232.01 Less Assets not admitted 74.25 Total admitted Assets $330,157.76 Liabilities Net amount of unpaid losses and claims $ 1,372.00 t'nearned premiums J 173,086.98 Salaries, rents, expenses, bills, accounts, fees, etc., due or ac crued 71.12 Estimated amount payable for Federal, State, county and muni cipal taxes due or accrued 2,294.7fr Total amount of all Liabilities except Capital $176,824.80 Surplus as regards Policyholders 153,332.96 Total Liabilities $330,157.7ft Business In North Carolina During 1923 Fire Risks written, $980,741.00; Premiums received, $2,035.59. Losses incurred?Fire, $19.00; Paid, $19.00. President, Frederick W. Moses; Secretary, Walter K. Puliea; Treasurer, Frederick W. Moses. Home Office: 10 Weylossett St., Providence, R. I. Attorney for service: STACKY W. WADE, Insurance Commissioner, Ra leigh, N. C. STATE OF NORTH CAROLINA. (Seal) INSURANCE DEPARTMENT, Raleigh, Feb. 26, 1924. I, STACEY W. WADE. Insurance Commissioner, do hereby certify that the above is a true and correct abstract of the statement of the Narragan sett -Mutual Fire Insurance Company, of Providence, R. I., filed with this Department, showing the condition of said Company, on the 31st day of December, 1923. Witness my hand and official seal, the day and year above written. ?STACEY W. WADE, Insurance Commissioner. Statement Minnesota Implement (Mutual) Fir? Insurance Company, OwantHnn, Minnesota. Condition Dereml>er 31, as shown by Statement file*!. Amount of Ledger Assets December 31st of previous year $ 1,650,799.5!> Income?From Policyholders, $2,103,758.44; Miscellan eous, $76,192.00; Total 2.179,950.44 Disbursements?To Policyholders, $694,214.01; Miscellan eous. $1,245,484.70; Total 1,939,698.71 Fire Risks?Written or renewed during year, $187,761 818; In force .. 132,348,373.00 All Other Risks?Written or renewed during year, $16, 607,946; In fore- 21,693,445.00 Assets Value of Real Estate , ? $ 266,935.83 Mortgage Loans on Real Estate 604.225.53 Value of nonds and Stocks 453,352.05 Cash In Company's Office 50.00 Deposited in Trust Companies and Banks not on interest 76,161.3$ Deposited In Trust Companies and Ranks on Interest 72,585.16 Agents' balances, representing business written subsequent to October 1. 1923- ? 314,601.87 Agents' balances, representing business written prior to Oc tober 1. 1923 738.81 Rills receivable, taken for Are risks 5,360.67 I Interest and R< nts due and accrued ? 34,914.38 All other Assets, as detailed In statement 109,437.96 1 Total ,.-.$1,933,363.r,5 Less Assets not admitted - - ? 788.81 Total admitted Assets $1,932,574.84 Liabilities Net amount of unpaid losses and claims ? $ 105,059.00 Unearned premiums ? ? 1,270,538.67 Salaries, rents, expenses, bills, accounts, fcep, etc., due or ac crued - , 7 2 . 8 0 Estimated amount payable for Federal, State, county and municipal taxes due or accrued ~ 24,600.00 All other liabilities, as detailed In statement 59,972.32 Total amount of all Liabilities except Capital ?.$1,461,896.88 Surplus over all liabilities $470,677.96 Surplus as regards Policyholders ? 470,677.96 Total Liabilities $1,932,574.84 Itiislnens In North Carolina During Fire Risks written, $501,144; Premiums received, $10,772.77. Losses Incurred?Fire, $898,250; Paid, $8,982.50. President. F. J. Lohr; Secretary, C. I. Ruxton; Treasurer, E. Folson. Home Office, 129 East Rroadway, Owantana. Minn. Attorney for service: STACEY W. WADE, Insurance Commlsslonar, Ra leigh, N. C. (Seal) STATE OF NORTH CAROLINA, INSURANCE DEPARTMENT. Raleigh. March 5, 1924. I, STACEY W. WADE, Insursnce Commissioner, do hereby certify that the above is a true and correct abstract of the statement of the Minneso ta Mutual Fire Insurance Company of Owantana. Minn., filed with this Department, showing the condition of said Company, on the 31st day of December, 19?3. Witness my hand and official seal, the day and year above written. STACEY W. WADE. Insurance Commissioner. I Try The Advance Shop For Job Printing j
The Daily Advance (Elizabeth City, N.C.)
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April 5, 1924, edition 1
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